PureCycle Technologies (NASDAQ:PCT) Stock Price Up 9.4% - Still a Buy?

Key Points

• PureCycle Technologies stock increased by 9.4% in a recent trading session, reaching a high of $14.58, but experiencing a significant drop in trading volume by 42% compared to its average.
• Analysts have mixed views on the company's prospects, with ratings ranging from "strong-buy" to "sell," and a consensus price target set at $15.00.
• Despite its stock price rise, PureCycle reported disappointing quarterly earnings, with an EPS of ($0.35), missing analyst expectations significantly.

PureCycle Technologies, Inc. (NASDAQ:PCT - Get Free Report)'s stock price rose 9.4% during mid-day trading on Monday . The company traded as high as $14.58 and last traded at $14.40. Approximately 1,739,428 shares traded hands during trading, a decline of 42% from the average daily volume of 2,980,689 shares. The stock had previously closed at $13.16.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PCT shares. Wall Street Zen cut PureCycle Technologies from a "hold" rating to a "sell" rating in a research note on Monday, July 21st. Northland Capmk raised shares of PureCycle Technologies to a "strong-buy" rating in a research report on Tuesday, August 26th. Northland Securities started coverage on shares of PureCycle Technologies in a research note on Wednesday, August 27th. They set an "outperform" rating and a $16.00 price objective for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $16.00 target price on shares of PureCycle Technologies in a research note on Friday, August 8th. Finally, TD Cowen upgraded shares of PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, PureCycle Technologies currently has an average rating of "Buy" and a consensus price target of $15.00.

PureCycle Technologies Trading Up 7.4%

The company has a debt-to-equity ratio of 3.54, a quick ratio of 2.07 and a current ratio of 2.14. The firm has a market cap of $2.55 billion, a PE ratio of -8.37 and a beta of 2.01. The stock has a 50-day simple moving average of $13.56 and a two-hundred day simple moving average of $11.67.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.35) EPS for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.12). The firm had revenue of $1.65 million for the quarter, compared to analysts' expectations of $4.10 million. As a group, sell-side analysts anticipate that PureCycle Technologies, Inc. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On PureCycle Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC grew its holdings in shares of PureCycle Technologies by 158.7% in the first quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after acquiring an additional 3,043 shares during the period. Nisa Investment Advisors LLC boosted its position in PureCycle Technologies by 278.1% in the second quarter. Nisa Investment Advisors LLC now owns 2,571 shares of the company's stock worth $35,000 after purchasing an additional 1,891 shares during the last quarter. KBC Group NV bought a new stake in shares of PureCycle Technologies during the 1st quarter valued at about $41,000. Kathmere Capital Management LLC purchased a new stake in shares of PureCycle Technologies during the 1st quarter valued at about $69,000. Finally, LJI Wealth Management LLC purchased a new stake in shares of PureCycle Technologies during the 1st quarter valued at about $86,000. 63.01% of the stock is owned by institutional investors.

About PureCycle Technologies

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.

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